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perfectly well the delicacy which has always been elt upon this subject, but I am sure that it will not be expected, at the present time, that that kind of property should not be called upon to hear its share in the general contribution, when every other species is called upon to contribute so heavily. The question now is, not what species of property shall be exempted, but in what proportion each species shall contribute? It certainly is intended that this kind of property shall be made contributory, though it is not in every instance. I mean, however, now to propose, that all persons possessing property in the Funds shall be required to make returns to Commissioners by whom this Bill is to be carried into execution. These Commissioners will not be all of them resident in London, as under the Income Bill, but they will be appointed in different parts of the country. They are to have the same powers for certain purposes as the Commercial Commissioners All persons having property in the Funds are to lay their accounts before these Commissioners; and if they do not do it before a certain day, they will be held to have made their clection, in which case provision is made that they shall be charged in another way. It will be un derstood that no person can be charged except according to the first provisions to which I have alluded, unless it is by his own choice. If the persons do not make their returns to the Commissioners at a proper time, then, and in that case only, the provisions are to be executed at the Bank. All agents for Foreigners, and persons not being British subjects, having property in the Funds will be exempted: the Committee will feel that they could not with justice have been included in this impost. When I say Foreigners, I mean those not resident in England. I shall now, for the sake of clearness, give a summary recapitulation of the taxes.

On the Custom Duries..
On the Excise Duties

On the Land and Property..

Making in all

£2,000,000

6,000,000 4,500,000

12 500,000

The Committee, however, must be aware, that though Parliament may determine to raise so large a part of the supplies for the service of the year, yet it must be obvious, that a very considerable part of this sum cannot be raised within

the present year. will, therefore, only calculate upon the sum to be produced by these taxes in this year, at 4,500,000l. there would then remain, -10,000,0col. to be provided for the service of the present year; this sum must be raised by way of

LOAN,

and I have this day entered into an agreement with some respectable Bankers of the City of London, for a Loan for 12.000,000l. 10,000,coel. of which was for England, on the following terms:-For every tool. 8ol. 3 per cent Consols, which at 584 the price of Saturday, would be 461. 145. od.-801. reduced at the same price, 461. 14s. ou. The bidding was upon the Long Annuities; they were taken at 6s. 5d. which at 17 years and a half purchase, was 51. 12s. 3d.The discount was 21. 65. 3d. which made the whole amount 101l. 6s. 6d. The bonus to the Contractors is therefore 11. 6s. 6d. and the interest to be paid by the Public, 51. 25. 3d. per cent. I have to congratulate the House, I have to "congratulate the Country, that, under such circumstances, so beneficial a bargain has been

made; and I am convinced it will be found no less advantageous to the persons contracting than to the public. But I am the more disposed to congratulate the House on this bargain, because there are very few instances of any contract ever having been made on terms equally advantageous with a reference to the price of stocks. There were indeed only two instances of bargains in which the advantage to the public had been greater. Those instances occurred in the years 1799 and 18co. In the first of these years the Government had a clear premium of 66. 7d. and in 1800 the bonus was 10s. 5d. These were, in fact, the only instances in which the public had derived more advantage from the terms of the Loan than the present. But in what circumstances were those Loans made? The first took place under the operation of that Act, which was the first attempt to raise a cousiderable proportion of the Supplies within the year. The second took place under the actual operation of the Income Tax. These were years too, in which all the taxes, which can be regarded as the best riterions of the prosperity of a country, were the most productive. What inference is to be drawn from this fact? Is it not evident that those wise measures inspired conndence in those who were willing to become the creditors of the country? These examples are therefore sufficient to encourage us to follow the same system now, which cannot fail to be attended by similar beneficial effects. I have now to state the means by which I propose to provide for the Interest of the Loan. i mean the to millions for GreatBritain, which create a capital of above 32 millions of stock, and the interest on which amounts

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"This sum I propose to raise by an increase of the duties on certain articles of the Customs, which I have calculated, will amount to 350.cool. The increase in consequence of the consolidation of the Assessed Taxes will amount to 220,000l. But there will still be a considerable sum wanting. The measure by which I propose to make it up is one which has often been recommended I mean

a change in the mode of collecting the Receipt Tax. I mean to propose, that in all cases where money is to be paid, it shall be competent for the person paying to demand a stamp from him who is paid. The price of the stamp used, it is intended, shall bear a very minute relation to the sum paid; but that in no one instance shall it be less than 2d. or more than 5s. The produce of this regulation I estimate at 220,000l. Those three sources of revenue will produce 690,ocol. applicable to the payment of the above 670,3891. being the amount of the interest and expenses on the Loan. I shall now recapitulate the different heads of Supply and Ways and Means.

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The Committee will perceive that the great object 1 have in view is to raise a large part of the Supplies within the year. The extent to which I wish to carry this principle is this, that there shall be no increase whatever of the Public Debt during the course of the war. In the first place it will be necessary to ascertain the probable amount of the annual charges of the War, and then to make provisions for carrying on a vigorous and even protracted contest, without making any greater addition to the Public Debt than what will be annually liquidated by the Sinking Fund. The annual Charge of the War, unless demands should be made upon us by the intervention of Foreign Powers who may wish to make a common cause with us, I think will not exceed 26,000,0ocl. I do not mean to deny that this is a great, an enormous sum, but certainly not greater than the object for which we have now to contend. If then the House think fit to adopt the measure I am now proposing, if I am right in my estimate of the growing produce of the Consolidated Fund, which I have considered at about six millions, and if my calculation of the Annual faxes be correct, which I have estimated at 12,500,000l. but which for this purpose I will only take at 10,000,000l. there will only remain a sum of 6,000 ocal. to he borrowed, which will be more than covered by the Sinking Fund, which now products considerably

more than six millions. The growing produce of the Consolidated Fund is also likely to increase, unless we are again visited by those calamities with which the country has been afflicted. If then my calculations are correct, we shall be enabled to meet a War Expenditure of Twentysix Millions without any increase to the Public Debt, an object so desirable that no difference of opinion can be entertained upon the subject. I trust, therefore, this system will be adopted; it is one which has been before tried, and of which the effect is known: it has inspired confidence at home and created respect abroad.But the pecuniary effect is not all, it will be a difference in another respect, the difference be tween a temporary and a permanent tax: it will have another effect also, that of convincing the enemy of this country, that it is hopeless for him to contend with our finances, that it is not in his power to affect us in that respect:-it will have a still farther effect, that of convincing the other Powers of Europe, that they may safely join with us in a common cause of resistance against the common enemy, for that the resources of this country are such as to give full security for the punctual discharge of any engagement it may enter into, and this is an object for which I have in view some provisions. I will not fatigue the Committee, by stating all the advantages of such a system; they are such as the necessity of the times exact of us, and similar efforts are to be found in early periods of our history. I desire the Committee to look at the mode adopted for raising the Supplies for the service of the year: they will find on Land a considerable duty imposed, as well as upon Personal Property. They will find, at an early period of our history, taxes were raised within the year on all descriptions of property, descending even to the wages of Servants. To illustrate this I will refer to the times of King William and Queen Anne, when the Funding System was first introduced; let it be recollected, that then not only 4s. in the pound on Land was imposed, but also 5cs. per cent. on stock in trade; 5s. on all salaries, offices, perquisites or pensions; 4s. in the pound on all annuities and pensions, and all persons of any profession were charged 4s. in the pound for that which was received or got by any practices, or emolument whatsoever. It is to be recollected that these times, although they were arduous, and the object for which we were then contending was considerable, yet they were minor to the objects which we have now in view, and therefore the exertions which we now make ought to be so much the greater. That was a great and a glorious period in the history of this country, but not so great as the present, the contest being very different, for the present contest is for the existence of this country as a free state, and the question now is, whether we shall maintain and support that existence, or whether we shall abandon the people of this land as a prey to the French? Our prospects with regard to revenue, are most flattering. It has been increasing progressively from 1792 to the year 1803. In the year 1792 the permanent taxes were 14,260,000l. but on the 5th of April 1803, the permanent taxes of that period were 15,994,cool. increasing in those eleven years, in permanent taxes, upwards of 1,700,cool.; but this is not all, the permanent taxes of this country which were imposed during the War, have been productive in an equal degree. In the year 1793 they greatly exceeded the amount of the charges for which they were pro vided. The taxes of the last year were levied

for the purpose of providing for a charge of 3,200,000l. and they have been found to yield a revenue of five millions; nor am I speaking this upon conjecture, for the ground of this calculation I now hold in my hand. There is an increase in the last year, of 1,700,000 l. beyond the amount of the charge for which the taxes were raised.During that period, and even at the present moment, we have increased, and are increasing in our internal strength; we have not only increased last year, as a year of peace, but it is evident we have been increasing from year to year, from 1792 down to the present time, even in a period of war;neither is this speaking on conjecture, for it is manifest, by the accounts which are now upon the table, the particulars of which i will not now recapitulate. We have besides this, and which is a most consolatory prospect, the benefit of the operation of that great system, that sheet-anchor of this country, the system which has been long adopted for the gradual reduction of the debt, which is a capital operation for the benefit of the public, an operation which carries with it this singular advantage, that it executes its purposes for our relief IN PROPORTION TO OUR PRESSURE, and its operation is felt even during the war; and if the system which I am now about to recommend shall be adopted, we shall not only provide for our expenditure within the year, but we shill have a gradual diminution, even during the war, of the public debt. Now I apprehend that in the support of such a system, all descriptions and classes of the community are interested; I have, therefore, thought it incumbent on me to propose such modes for raising the supplies, as are likely to be effectual, even though I know part of them will bear hard on that part of the community which I should most rejoice to spare: but such are the circumstances in which they are involved, and so well convinced are all classes of the community of the necessity of making great exertions at the present moment, that I am persuaded the poorest peasant in the country feels a deep interest in our present contest, and that he will readily yield a part of his present pittance, rather than see his country trampled on; for the question now is (and every peasant in the country is convinced of it, as well as those of the highest rank), whether Great Britain shall continue her present power and estimation in the scale of nations, or make an item in the catalogue of the conquests of France: I am, therefore, prepared not only to express hope, but a confident expectation, that all classes of the community will see the necessity of cur preparing not only for a vigorous, but also for a protracted svar. It is on this principle that I propose the present measures.

1 remember what

was said by a GREAT PERSON (Mr. Fox) upon a former occasion, when he was asked, what interest a person, who was reading a stamped paper by a taxed rush-light, had in maintaining a share in the balance of the power of Europe? To which he answered, that the proportion he paid for his rushlight and his paper, he felt to be no more than his share, in preserving his rights, to enjoy them and all the other advantages which belonged to free. dom.

Nor will I hurt the feelings of gentlemen, by supposing they do not feel it as much as the poor man; nor do I believe that the lower orders of the people imagine that they are not as deeply interested as the higher, in the present contest. believe, indeed, that the lower classes of the community feel more warmth in the present case than many gentlemen imagine, for it must be remembered that the mass of both the army and navy is composed of them, and that to their exertions was

(in conjunction with the skill of their commanders) our victories by a Nelson and an Abercromby. Nor must we ever forget that it is to their ardour and enthusiasm that every thing is and must continue to be owing. It therefore must always be admitted, that the lower classes of the community have a deep interest, and I am persuaded they have a feeling for the welfare of their country. It is with this sentiment and with this feeling, that I venture to recommend the adoption of measures which must fall in some degree hard upon that class of the community. Whether the system I propose, shall appear practicable, will be for the wisdom of the House to determine; but, it has been planned from an earnest wish on my part to diffuse over every part of the community, the burthens which must be now borne, not to afford any ground of complaint to any class, that they are disproportionably burthened, neither one class improperly pressed upon, nor another improperly spared. I have endeavoured to make all contribute their just proportion, but I do not call upon the rich, for such a system would be impracticable. To be efficient, the impost must be general, and must be made to affect all classes and descriptions of persons in the country. It has been expected, that whenever applications were made to the liberality of Parliament for large supplies to support government something should be said on the conduct of such government. I am aware, however, that the committee will not expect from me many declarations on this subject. I feel it a duty to make great exertion. I trust it will appear upon a full examination of the conduct of government that ministers have not been negligent. I will not expatiate on what ministers intend to do, but I will say generally, it is their wish to avoid extremes; to avoid any thing that may endanger our honour-not to plunge the nation into a war of extermination, nor to submit to any humiliation: 10 hold out that we enter into the war with reluctance, bu have no fear of the issue: that ministers ask assistance, not because they wish to go to war, but because we are at war; and that we are at war because we cannot be at peace: that our object is peace on fair and honourable terms; but that we have no means of obtaining peace but by gest exertions in support of war: this is the principle on which we appeal tothe patriotism of Parliament. We are acting on a principle of firmness, for the support of the dignity of the King and the true interests of His people: we will endeavour to maintain dignity without arrogance, and also endeavour to shew moderation without pusillanimity. I know that many imputations have been cast upon ministers which they do not deserve, and I know it requires fortitude to bear unmerited obloquy, but I shall I hope never be wanting in the performance of my duty, on account of any imputation endeavoured to be cast upon me.will ask, whether persons acting on such a system are persons to be distrusted? I have brought forward the present measure, from a conviction of its necessity in itself, not for the purpose of showing, that the charge of the want of firmness and energy made against ministers are unfounded:-So far from it, that I beg to remind the committee, when the Income Bill was repealed, I expressed an entire approbation of the principle of it as a war tax, and observed how much the public were indebted to my Right Hon. Friend for bringing it forward. I expressed my admiration of the system proposed by my Right Hon. Friend, a systema to which, with some modifications, I said, wemust recur in the event of a war.-All the members of

the committee will attest the truth of this declaration. I hope, therefore, I shall hear of no more of such charges as, that I and my colleagues have been seeking popularity at the expense of prudence. I beg pardon for calling the attention of the Committee to so insignificant an individual as myself, but I think these observations have been extorted from me. To conclude, I desire, every one to reflect on the great scene before us, in which we have an opportunity of making an effort that will render our name illustrious for ever: to reflect that the -resources of the country are happily equal to its mighty object, an object greater than has ever yet been accomplished even by Great Britain. I trust that in such a state of things the Parliament of United Britain will prove itself worthy of the Sovereign whom it serves, worthy of the people whom it represents, and worthy of the blessings of the great country in which they have the happiness to live.He then moved his resolutions pro forma, which past without debate, discussion being reserved for a future stage of the proceeding.

The House having resumed, the report was or'dered to be received to-morrow, and the Committee to sit again on Wednesday. The Committee of Supply was postponed till Wednesday. A message from the Lords stated, that their Lordships had agreed to the Ordnance Lands Bill, and several private bills, without any amendment.-The Irish First Fruits Bill was read a second time, and ordered to be committed for Thursday next.-The House went into a Committee of the whole House on the East India Shipping Bill, and the report was ordered to be received to-morrow.--Mr. Hawkins Browne gave notice, that he should move in a Committee of Supply, on Wednesday, for a grant of money for the repair of the roads in Scotland. -The House adjourned.

MILITARY.

The French army, under the command of GEN. MORTIER, on the 31st of May took their position in front of Wechte. The advanced guard of the Hanoverians, commanded by GEN. HAMMERSTEIN, OCCUpied Diepholz, with two regiments of infantry, two of cavalry, and a division of artillery. From this place GEN. MORTIER immediately made preparations for dislodging them. GEN. SCHENER, with the second division was ordered to proceed against Goldenstedt, to force the passage of the Hante, which was guarded by the Hanoverians, and by directing his march to Suhlingen, to cut off all that were stationed between that place and Diepholtz, which GEN. MONTRICHARD received orders to attack. GEN. HAMMERSTEIN, finding his right turned by this movement, retreated during the night to Borsten; and on the 1st of June, his rear guard had a sharp skirmish with the advanced guard of the enemy near Bouver. On the 2d he was attacked near Borsten by a detachment of the French army under GEN. DROUET, and after a heavy cannonade was compelled to fly. GEN. MORTIER then commenced his march towards Nieu

burg. At Suhlingen he was met by a depu tation from Hanover, imploring his clemency, and having concluded a convention (see p. 900) he entered Nieuburg, where he found 14,000 stand of arms, and a great quantity of artillery. The French issued orders for seizing all shipping in the ELBE and the WESER.

General MURAT set out on the 18th ult. from Milan, for the army on the frontiers of the Ecclesiastical States, which was destined to advance into the Neapolitan territory. The army of the Italian Repub lic was to be augmented to 60,oco men.

NAVAL.

FROM THE LONDON GAZETTE.

May 29.-Capt. Wallis, in the Naiad, captured the French national corvette L'Impatient, Capt. Arnous, of 20 guns and 80 men, from Senegal to Rochfort.-May 31.-Capt. Wallis captured the French merchant ship Le Chasseur, Capt. Lamar, laden with sugar, coffee, cotton, &c. from St. Domingo to L'Orient.-June 1.-. -Lieut. Senhouse, in the Hind revenue cutter, whilst cruising off Portland, captured the French privateer La Felicité, with 22 men; the French merchant brig Le Charles, laden with ship timber, from Rouen to Rochfort; a Dutch galliot, laden with salt, from Portugal to Rotterdam; and a Dutch Indiaman, laden with cotton and coffee, from Surinam.—June 9. The Boadicea captured a French armed brig, with 27 men; 11 days from St. Maloes.

TO THE CHANCELLOR OF THE EXCHEQUER.

SIR,-Towards the close of your Budget speech, that speech on which I am about to make a few remarks, you are pleased to describe yourself as being an insignificant

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person;" but, though I can have little objection to acknowledge the accuracy of this description, as far as it may apply to I behold you giving up, for the sake of your birth, qualities, and talents, yet, when peace and economy a long list of great and invaluable conquests, purchased with the biood and treasure of the country; when I behold you, at the end of nine months breaking that peace, and imposing on us annually twelve millions of additional taxes, for the purpose of retaining only one out of those numerous conquests, after having surrendered all the rest to the enemy; when, I behold you wallowing in the wealth, strutting Sovereign, whom the keeping of you in in the domains, bestowed on you by that place has already cost a part of his dominions; when, in spite of all the insults and injuries you have brought upon your king

and his people, and of the miseries and hor- | rors that your administration, if it continue, will inevitably bring upon them; when, in spite of all this, I behold you supported by a dead majority in both Houses of Parliament, I cannot doubt but I shall be excused for thinking you not too insignificant to be the object of this address.

The Budget which you have opened to the Parliament, and which is, perhaps, better worth of that name than any thing of the kind ever before exhibited, naturally calls for some remarks from me, who, at the time when the nation was drunk with joy on account of the "blessings of peace," told you, not only that the peace could not last, but, that "the interval between the wars would "create the necessity for sacrifices such as the "people never before beard of." The London news-papers do, for the most part, 1 perceive, practice great forbearance towards you. The enormous taxes, now proposed, they acquiesce in, with very little complaining; because they are partakers with you in the guilt of the peace, which alone has produced the necessity of those taxes, and be cause, too, they are fully persuaded, that the collection of them will soon be rendered unnecessary by another regicide peace, which they think, with me, you are ready to make, the moment a fair opportunity shall offer. From me, however, who own not one par. ticle of the crime of making or approving of the peace, you have no right to reckon on this sort of fellow feeling; from me you have nothing to expect but those reproaches which are due from a man who loves his country to a minister who has ruined it.

Your plan of finance is objectionable, first, because it will fail of its immediate object. Your taxes will not, I am persuaded, produce any thing near what they are estimated at; and, if they should, the amount will fall greatly short of the expendi*ture of the war. Toen as to the principle, it may, in a pecuniary point of view, be good, sometimes, but not always: to begin a funding system, and to continue such a system when begun, are measures widely different from each other; and, politically considered, 'to raise the whole of the supplies within the year, during war, while there is, at the "same time, an immense sum to pay in the -shape of interest of the national debt, is a plan which seems calculated for the express purpose of producing an irresistible opposition to the very object it is intended to accomplish. If enormous taxes, pecuniary -burthens almost unbearable, are laid upon the people, accompanied with a promise, that they shall be taken off at the expiration of six months after the termination of the

war, will not the people hate the war? Will they not wish it at an end? Will they not ask for peace, peace on any terms? If you mean, as I suppose you do, to negotiate the next peace as well as the last, you have assuredly fallen upon an infailible mode of providing before hand the means of securing an unanimous approbation of the treaty, even though its conditions should resemble those, which have lately been accepted by the safe politicians" composing the Regency of Hanover, who, by the by, appear to me to be most worthy coadjutors of you and your colleagues, and who have, in fact, done no more than follow up the principles, on which the peace of Amiens was made.

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The nature of taxes themselves is of little consequence. If they are wanted and are productive, they can scarcely be bad, unless the collection of them be tyrannical or vexatious. On this latter score only it is that I could have wished not to see that set of little despotic inquisitors, the commissioners of income-tax, revived; for, while this species of oppression exists, to talk about freedom, and about fighting for freedom too, is a most mortifying mockery. Every thing that is visible is a fair object of taxation; to pry into a man's secrets is not fair. This, however, would be bearable, could the inquisitorial powers be confined to a few great persons, far removed from the sphere of the party with respect to whom the inquest is made; but to set a man's neighbours to dive into his secrets, to arm them with legal authority to perform this act of scandalous and odious persecution; yet this, even this, might be borne, were it not accompanied with the insulting assertion, of its being absolutely necessary for the preservation of bis freedom!

As to the tax upon the funds, the object is visible; to make good the collection demands no disclosure of those secrets, which a man wishes to keep from all the world; but, whether the impost be just or not is a question which depends upon the result of another question, to wit, whether the tax is necessary to the existence of the state. I observe, that you speak with great tenderness on this subject. You seem to imagine, that the world will regard this direct tax upon the public funds as a direct and flagrant breach of national faith, which it most assuredly is, unless the previous question of absolute necessity can be clearly made out.—The agreement with the stockholders is, that they shall receive such and such dividends," subject to no deduction whatever." For the punctual adherence to this bargain the faith of the nation is pledged. On that faith it is, that thousands and hundreds of thousands of persons have deposited their all

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